CoStar GroupRevenue rose to $ 1.66 billion in 2020 as a pandemic forced more people to buy real estate online, the company said on Tuesday.
While earnings rose 19 percent, real estate giants’ profits fell due to the closure of coronaviruses in the spring. Net income for the year fell nearly 28 percent to $ 227 million. CoStar reported net income of $ 314.9 million in 2019.
During the recovery of the real estate market, CoStar had a strong impact in the second half of the year. During the second half of 2020, it recorded sales reservations of $ 100 million, including net new sales of $ 49 million in the fourth quarter.
CoStar has listed $ 2.7 billion in debt and capital in its books and said it will double acquisitions in the coming year, especially in residential areas.
Earlier this month, CoStar submitted an offer to purchase CoreLogic for $ 6.9 billion, or 20 percent higher than CoreLogic’s previously accepted offering from Stone Point Capital and Insight Partners. “This combination would triple CoStar’s overall addressable market,” CEO Andy Florance wrote in a letter to CoreLogic’s board of directors.
During a revenue talk, Florance said there was “huge potential” for integrating commercial and real estate data tools.
CoStar said that Apartments.com recorded record results last year with sales of almost $ 600 million, a year-on-year increase of 22 percent. “We believe that our increased marketing investment for Apartments.com in 2020 was a key driver of our performance and delivered excellent results,” Florance said in a statement. Apartments.com recorded 170 million virtual tours in 2020, twice as many as in 2019.
LoopNet also recorded a strong year with year-on-year sales growth of 20 percent.
CoStar expected revenue of between $ 1.925 billion and $ 1.945 billion this year. He expected EBITDA of between $ 640 million and $ 650 million.